U.S. Crude Oil, Products Stocks Rose in First Week of January
11 January 2024 - 3:24AM
Dow Jones News
By Anthony Harrup
U.S. crude oil inventories rose unexpectedly last week, while
stocks of gasoline and distillate fuels saw above-forecast builds
and refineries reduced their capacity use, according to data
released Wednesday by the U.S. Energy Information
Administration.
Commercial crude-oil stocks excluding the Strategic Petroleum
Reserve rose by 1.3 million barrels to 432.4 million barrels in the
week ended Jan. 5 and were about 2% below the five-year average for
the time of year, the EIA said. Analysts surveyed by The Wall
Street Journal had predicted crude stockpiles would decline by
600,000 barrels.
Storage in the SPR rose by 606,000 barrels to 355 million
barrels, the EIA said.
Oil stored at Cushing, Okla., the Nymex delivery hub, fell by
506,000 barrels to 34.2 million barrels, while refineries cut their
capacity use to 92.9% from 93.5% the week before. Expectations were
for refinery runs to be down 0.8 percentage point from the previous
week.
Crude futures were higher Wednesday on news of increased Houthi
rebel attacks in the Red Sea, but off earlier highs in the wake of
the EIA report. West Texas Intermediate crude for February delivery
was up 0.4% at $72.55 a barrel and international benchmark Brent
for March was up 0.1% at $77.68 a barrel.
Gasoline stockpiles rose by 8 million barrels to 245 million
barrels against expectations of a 2.1 million-barrel increase.
Gasoline inventories are about 1% above their five-year average,
the EIA said.
Distillate stocks, mostly diesel fuel, rose by 6.5 million
barrels to 132.4 million barrels and were about 4% below the
five-year average, according to the EIA. Expectations were for a
distillates stock build of 1 million barrels.
Change in U.S. oil inventories for the week ended Dec. 15:
Crude Gasoline Distillates Refinery Use
EIA data: 1.3 8.0 6.5 -0.6
Forecast: -0.6 2.1 1.0 -0.8
Note: Numbers in millions of barrels, with the exception of
refinery use, which is in percentage points.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
January 10, 2024 11:09 ET (16:09 GMT)
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